Independent Bank Q3 net income $17.5M ($0.84 EPS) vs $13.8M a year ago; loan growth 3.2% annualized

INDEPENDENT BANK CORP /MI/

2025-Q3 EPS reported $2.38 revenue$24,141,000

Q3 net income $17.5M ($0.84 diluted EPS) vs $13.8M ($0.65) in Q3 2024; net interest income up 8.4% YoY to $45.4M.
Loans grew $33.9M (3.2% annualized) from Q2; total deposits less brokered time deposits up $148.2M (13% annualized).
Net interest margin 3.54% vs 3.37% a year ago; NIM stable sequentially except for subordinated debt redemption impact.
Non-performing assets increased to 0.38% of total assets from 0.16% due to one commercial relationship; net charge-offs remain low at 0.04% annualized.
Redeemed $40M floating subordinated notes Aug 31; tangible common equity per share $22.29, up 9.6% from Dec 2024.

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